{"id":1799,"date":"2021-06-22T15:01:50","date_gmt":"2021-06-22T15:01:50","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1799"},"modified":"2021-06-22T15:01:50","modified_gmt":"2021-06-22T15:01:50","slug":"pre-approval-makes-difference-buying-home","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/pre-approval-makes-difference-buying-home\/","title":{"rendered":"Pre-Approval Makes All the Difference When Buying a Home"},"content":{"rendered":"
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Pre-Approval Makes All the Difference When Buying a Home<\/p><\/div>\n

You may have been told that it\u2019s important to get\u00a0pre-approved<\/a>\u00a0at the beginning of the\u00a0homebuying<\/a>\u00a0process, but what does that really mean, and why is it so important? Especially in today\u2019s\u00a0market<\/a>, with rising home prices and high buyer competition, it\u2019s crucial to have a clear understanding of your budget so you stand out to sellers as a serious homebuyer.<\/p>\n

Being intentional and competitive are musts when buying a home right now. Pre-approval from a lender is the only way to know your true\u00a0price range<\/a>\u00a0and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you\u2019re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market.<\/p>\n

With limited housing inventory, there are many more buyers active in the market than there are sellers, and that\u2019s creating some serious competition. According to the\u00a0National Association of Realtors<\/em>\u00a0(NAR), homes are receiving an average of\u00a05.1 offers<\/a>\u00a0for sellers to consider. As a result, bidding wars are more and more common. Pre-approval gives you an advantage if you get into a multiple-offer scenario, and these days, it\u2019s likely you will. When a seller knows you\u2019re qualified to buy the home, you\u2019re in a better position to potentially win the bidding war.<\/p>\n

Freddie Mac<\/em>\u00a0explains<\/a>:<\/p>\n

\u201cBy having\u00a0<\/em>a\u00a0pre-approval letter<\/a><\/em>\u00a0from your lender, you\u2019re telling the seller that you\u2019re a serious buyer, and you\u2019ve been pre-approved for a mortgage by your lender for a specific dollar amount. In a true bidding war, your offer will likely get dropped if you don\u2019t already have one.\u201d<\/em><\/p><\/blockquote>\n

Every step you can take to gain an advantage as a buyer is crucial when today\u2019s market is constantly\u00a0changing<\/a>. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You\u2019re going to need guidance to navigate these waters, so it\u2019s important to have a team of professionals such as a loan officer and a trusted real estate agent making sure you take the right steps and can show your qualifications as a buyer when you find a home to purchase.<\/p>\n

Bottom Line<\/strong><\/h3>\n

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

In today\u2019s\u00a0market, with rising home prices and high buyer competition, it\u2019s crucial to have a clear understanding of your budget so you stand out to sellers as a serious homebuyer. Finish Reading Pre-Approval Makes All the Difference When Buying a Home<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[196,38,131,240,15,92,10,18,27,86,52,96,369,20,48,47,19,327,6],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1799"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1799"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1799\/revisions"}],"predecessor-version":[{"id":1801,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1799\/revisions\/1801"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}